NEW YORK—Zurich-based money manager and frequent arts sponsor UBS has announced that it will close its Manhattan gallery at the end of October as part of a larger move to cut costs.

The UBS Art Gallery opened in midtown in 1985, providing free street-level space to museums and other cultural institutions that didn't have locations in Manhattan. The gallery has collaborated with organizations from across the country to present four exhibitions a year; its current show, “Jack Tworkov: Against Extremes — Five Decades of Painting,” on view through Oct. 27, will be its last.

UBS has suffered losses of more than $50 billion during the financial crisis, prompting layoffs of 19,000 staffers and the closing in April of its art-banking division. The recent cuts will affect neither UBS's 40,000-work corporate art collection nor its sponsorship of Art Basel and Art Basel Miami Beach.

Read more at Bloomberg.